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MMT: The Court Astrologer's Dream


It’s not Modern; it’s not Monetary; and it’s really not much of a Theory

If ever there was a prime example of a belief in the Fairy Gov-a-Mother being mixed with a bad case of warmed-over monetary crankdom, the suddenly, newly- fashionable doctrine which masquerades under the portentous-sounding name of ‘Modern Monetary Theory’ – ‘MMT’, for short – must surely qualify.

Built upon that age old deceit of Planners that they – and the offices of the state and its bureaucracy which they occupy – provide a more rational means of organising people’s lives than can the Good Common Folk ever attain themselves through the voluntary relations and market-dealings which they conduct, MMT seeks primarily to overcome the well-founded objection that even the most benign and far-sighted government should notspend wildly beyond whatever it levies by means of the many taxes, fees, licences, transaction charges, and miscellaneous other exactions it can persuade its long-suffering subjects to endure.

The way it does this is to marry a decidedly old school of monetary thinking called ‘chartalism’ – child of the court intellectuals of Imperial Prussia and stepfather to the

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